经济学原理对应练习23.doc

经济学原理对应练习23.doc

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Chapter23/MeasuringaNation'sIncomev1011

Chapter23

MeasuringaNation'sIncome

MultipleChoice

1. Macroeconomistsstudy

a. decisionsofhouseholdsandfirms.

b. theinteractionofhouseholdsandfirms.

c. economy-widephenomena.

d. regulationsonfirmsandunions.

ANS:

C PTS:

1 DIF:

1 REF:

23-0

TOP:

Economists MSC:

Definitional

2. Whichofthefollowingnewspaperheadlineswouldbemorecloselyrelatedtowhatmicroeconomistsstudythantowhatmacroeconomistsstudy?

a. Unemploymentraterisesfrom5percentto5.5percent.

b. RealGDPgrowsby3.1percentinthethirdquarter.

c. Retailsalesatstoresshowlargegains.

d. Thepriceoforangesrisesafteranearlyfrost.

ANS:

D PTS:

1 DIF:

1 REF:

23-0

TOP:

Economists MSC:

Interpretive

3. Statisticsthatareofparticularinteresttomacroeconomists

a. arewidelyreportedbythemedia.

b. arelargelyignoredbythemedia.

c. includetheequilibriumpricesofindividualgoodsandservices.

d. donotincludestatisticsforcountriesoutsideofNorthAmerica.

ANS:

A PTS:

1 DIF:

1 REF:

23-0

TOP:

Economists MSC:

Definitional

4. Whichofthefollowingquestionsismorelikelytobestudiedbyamicroeconomistthanamacroeconomist?

a. Whydopricesingeneralrisebymoreinsomecountriesthaninothers?

b. Whydowagesdifferacrossindustries?

c. Whydoproductionandincomeincreaseinsomeperiodsandnotinothers?

d. HowrapidlyisGDPcurrentlyincreasing?

ANS:

B PTS:

1 DIF:

1 REF:

23-0

TOP:

Economists MSC:

Interpretive

5. Whichofthefollowingtopicsaremorelikelytobestudiedbyamacroeconomistthanbyamicroeconomist?

a. theeffectoftaxesonthepricesofairlinetickets,theprofitabilityofautomobile-manufacturingfirms,andemploymenttrendsinthefood-serviceindustry

b. thepriceofbeef,wagedifferencesbetweengenders,andantitrustlaws

c. howconsumersmaximizeutility,andhowpricesareestablishedinmarketsforagriculturalproducts

d. thepercentageofthelaborforcethatisoutofwork,anddifferencesinaverageincomefromcountrytocountry

ANS:

D PTS:

1 DIF:

1 REF:

23-0

TOP:

Economists MSC:

Interpretive

6. Wewouldexpectamacroeconomist,asopposedtoamicroeconomist,tobeparticularlyinterestedin

a. explaininghoweconomicchangesaffectpricesofparticulargoods.

b. devisingpoliciestodealwithmarketfailuressuchasexternalitiesandmarketpower.

c. devisingpoliciestopromotelowinflation.

d. identifyingthosemarketsthatarecompetitiveandthosethatarenotcompetitive.

ANS:

C PTS:

1 DIF:

1 REF:

23-0

TOP:

Economists MSC:

Interpretive

7. Thebasictoolsofsupplyanddemandare

a. usefulonlyintheanalysisofeconomicbehaviorinindividualmarkets.

b. usefulinanalyzingtheoveralleconomy,butnotinanalyzingindividualmarkets.

c. centraltomicroeconomicanalysis,butseldomusedinmacroeconomicanalysis.

d. centraltomacroeconomicanalysisaswellastomicroeconomicanalysis.

ANS:

D PTS:

1 DIF:

1 REF:

23-0

TOP:

Demand|Supply MSC:

Interpretive

8. Whichofthefollowingstatisticsisusuallyregardedasthebestsinglemeasureofasociety’seconomicwell-being?

a. theunemploymentrate

b. theinflationrate

c. grossdomesticproduct

d. thetradedeficit

ANS:

C PTS:

1 DIF:

2 REF:

23-0

TOP:

Grossdomesticproduct MSC:

Interpretive

9. Foraneconomyasawhole,

a. incomeisgreaterthanexpenditure

b. expenditureisgreaterthanincome.

c. incomeisequaltoexpenditure.

d. GDPmeasuresincomemorepreciselythanitmeasuresexpenditure.

ANS:

C PTS:

1 DIF:

1 REF:

23-1

TOP:

Income|Expenditures MSC:

Interpretive

10. WhichofthefollowingstatementsaboutGDPiscorrect?

a. GDPmeasurestwothingsatonce:

thetotalincomeofeveryoneintheeconomyandtheunemploymentrate.

b. Moneycontinuouslyflowsfromhouseholdstogovernmentandthenbacktohouseholds,andGDPmeasuresthisflowofmoney.

c. GDPistoanation’seconomyashouseholdincomeistoahousehold.

d. Alloftheabovearecorrect.

ANS:

C PTS:

1 DIF:

2 REF:

23-1

TOP:

Grossdomesticproduct MSC:

Interpretive

11. WhichofthefollowingstatementsaboutGDPiscorrect?

a. GDPmeasurestwothingsatonce:

thetotalincomeofeveryoneintheeconomyandthetotalexpenditureontheeconomy’soutputofgoodsandservices.

b. Moneycontinuouslyflowsfromhouseholdstofirmsandthenbacktohouseholds,andGDPmeasuresthisflowofmoney.

c. GDPisgenerallyregardedasthebestsinglemeasureofasociety’seconomicwell-being.

d. Alloftheabovearecorrect.

ANS:

D PTS:

1 DIF:

2 REF:

23-1

TOP:

Grossdomesticproduct MSC:

Interpretive

12. Grossdomesticproductservesasameasureoftwothings:

a. thetotalspendingofeveryoneintheeconomyandthetotalsavingofeveryoneintheeconomy.

b. thetotalincomeofeveryoneintheeconomyandthetotalexpenditureonthenation'soutputofgoodsandservices.

c. thevalueofthenation'soutputofgoodsandservicesfordomesticcitizensandthevalueofthenation'soutputofgoodsandservicesfortherestoftheworld.

d. thenation'ssavingandthenation'sinvestment.

ANS:

B PTS:

1 DIF:

1 REF:

23-1

TOP:

Grossdomesticproduct MSC:

Definitional

13. Ifanation’sGDPrises,thenitmustbethecasethatthenation’s

a. incomeandexpenditurebothrise.

b. incomeandsavingbothrise.

c. incomerises,butexpendituremayriseorfall.

d. savingrises,butincomemayriseorfall.

ANS:

A PTS:

1 DIF:

2 REF:

23-1

TOP:

Grossdomesticproduct|Income|Expenditures MSC:

Interpretive

14. Becauseeverytransactionhasabuyerandaseller,

a. GDPismorecloselyassociatedwithanation’sincomethanitiswithanation’sexpenditure.

b. everytransactioncontributesequallytoaneconomy’sincomeandtoitsexpenditure.

c. thenumberoffirmsmustbeequaltothenumberofhouseholdsinasimplecircular-flowdiagram.

d. firms’profitsarenecessarilyzeroinasimplecircular-flowdiagram.

ANS:

B PTS:

1 DIF:

2 REF:

23-1

TOP:

Income|Expenditures MSC:

Interpretive

15. Inasimplecircular-flowdiagramtotalincomeandtotalexpenditureare

a. neverequalbecausetotalincomealwaysexceedstotalexpenditure.

b. seldomequalbecauseoftheongoingchangesinaneconomy’sunemploymentrate.

c. equalonlywhenonedollarisspentongoodsforeverydollarthatisspentonservices.

d. alwaysequalbecauseeverytransactionhasabuyerandaseller.

ANS:

D PTS:

1 DIF:

1 REF:

23-1

TOP:

Grossdomesticproduct|Income|Expenditures MSC:

Interpretive

16. Firmsusethemoneytheygetfromasaleto

a. paywagestoworkers.

b. payrenttolandlords.

c. payprofittothefirms’owners.

d. Alloftheabovearecorrect.

ANS:

D PTS:

1 DIF:

1 REF:

23-1

TOP:

Income MSC:

Interpretive

17. Foraneconomy,expenditureisequaltoincomebecause

a. bylawfirmsmustpayoutalltheirrevenueasincometosomeone.

b. foreverysalethereisabuyerandaseller.

c. pricesofindividualgoodsandserviceschange,buttheaveragepricelevelstaysthesame.

d. Noneoftheaboveiscorrect;expenditureisnotalwaysequaltoincomeforaneconomy.

ANS:

B PTS:

1 DIF:

2 REF:

23-1

TOP:

Income|Expenditures MSC:

Interpretive

18. Foraneconomyasawhole,

a. wagesmustequalprofit.

b. consumptionmustequalsaving.

c. incomemustequalexpenditure.

d. householdspendingongoodsmustequalhouseholdspendingonservices.

ANS:

C PTS:

1 DIF:

1 REF:

23-1

TOP:

Income|Expenditures MSC:

Interpretive

19. Whenafirmsellsagoodoraservice,thesalecontributestothenation’sincome

a. onlyifthebuyerofthegoodorserviceisahousehold.

b. onlyifthebuyerofthegoodorserviceisahouseholdoranotherfirm.

c. whetherthebuyerofthegoodoraserviceisahousehold,anotherfirm,orthegovernment.

d. Wehavetoknowwhethertheitembeingsoldisagoodoraserviceinordertoanswerthequestion.

ANS:

C PTS:

1 DIF:

2 REF:

23-1

TOP:

Income|Expenditures MSC:

Interpretive

20. GDPisdefinedas

a. themarketvalueofallgoodsandservicesproducedwithinacountryinagivenperiodoftime.

b. themarketvalueofallgoodsandservicesproducedbythecitizensofacountry,regardlessofwheretheyarelivinginagivenperiodoftime.

c. themarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiodoftime.

d. themarketvalueofallfinalgoodsandservicesproducedbythecitizensofacountry,regardlessofwheretheyareliving,inagivenperiodoftime.

ANS:

C PTS:

1 DIF:

2 REF:

23-2

TOP:

Grossdomesticproduct MSC:

Definitional

21. GDPisdefinedasthemarketvalueofallfinalgoodsandservicesproduced

a. bythecitizensofacountry,regardlessofwheretheylive,inagivenperiodoftime;thisdefinitionfocusesonGDPasameasureoftotalincome.

b. bythecitizensofacountry,regardlessofwheretheylive,inagivenperiodoftime;thisdefinitionfocusesonGDPasameasureoftotalexpenditure.

c. withinacountryinagivenperiodoftime;thisdefinitionfocusesonGDPasameasureoftotalincome.

d. withinacountryinagivenperiodoftime;thisdefinitionfocusesonGDPasameasureoftotalexpenditure.

ANS:

D PTS:

1 DIF:

3 REF:

23-2

TOP:

Grossdomesticproduct MSC:

Interpretive

22. Grossdomesticproductisdefinedas

a. themarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiodoftime.

b. themarketvalueofalltangiblegoodsproducedwithinacountryinagivenperiodoftime.

c. thequantityofallfinalgoodsandservicessuppliedwithinacountryinagivenperiodoftime.

d. thequantityofallfinalgoodsandservicesdemandedwithinacountryinagivenperiodoftime.

ANS:

A PTS:

1 DIF:

1 REF:

23-2

TOP:

Grossdomesticproduct MSC:

Definitional

23. TocomputeGDP,we

a. addupthewagespaidtoall